# Built-in gains and losses (temporary).
**AGENCY:**
Internal Revenue Service (IRS), Treasury.
**ACTION:**
Correcting amendments.
**SUMMARY:**
This document contains corrections to temporary regulations (TD 9330) that were published in the *Federal Register* on Thursday, June 14, 2007 (72 FR 32792) applying to corporations that have undergone ownership changes within the meaning of section 382. These regulations provide guidance regarding the treatment of prepaid income under the built-in gain provisions of section 382(h).
**DATES:**
These corrections are effective August 1, 2007.
**FOR FURTHER INFORMATION CONTACT:**
Keith Stanley at (202) 622-7750 (not a toll-free number).
**SUPPLEMENTARY INFORMATION:**
**Background**
The temporary regulations that are the subject of this document are under section 382 of the Internal Revenue Code.
**Need for Correction**
As published, temporary regulations (TD 9330) contain errors that may prove to be misleading and are in need of clarification.
**List of Subjects in 26 CFR Part 1**
Income taxes, Reporting and recordkeeping requirements.
**26 CFR Part 1**
**Correction of Publication**
Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments:
**PART 1—INCOME TAXES**
*Paragraph 1* . The authority citation for part 1 continues to read in part as follows:
**Authority:**
26 U.S.C. 7805 * * *
**26 CFR Part 1**
*Par. 2* . Section 1.382-7T is amended by revising paragraph (b)(2) to read as follows:
§ 1.382-7T
(b) * * *
(2) The applicability of this section expires on June 14, 2010.
**26 CFR Part 1**
*Par. 3* . The signature block is revised by adding the language “Approved: June 4, 2007.”
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).